Just got the HSBC email. Argh! 5.05% all the way down to 3.8%... and rumor has it that The Fed will announce ANOTHER rate cut rsn.

I have a HSBC Direct account and I saw this coming from a week ago. Thanks, Bernanke, can I have another?

If you want another good online option, Square Savings, with an APY of 4.8%, is awesome. They're tied to Kirkland Bank in Oklahoma, and they're full of actual helpful people -- people who answer the phone if you call with a question, people who get back to you when they say they will, people who follow up a few times to make sure your concern/problem/whatever has been resolved satisfactorally. Strange, I know! I've been with them since late October, and I absolutely love them. I joined after FNBO started ticking me off with their lame attempts at customer service.

Anyway, www.savingssquare.com.

First Consumerist post!
I signed up with WaMu's 5.0% online savings account. When I called and asked them how long the rate was good for, they said for as long as I keep the account open. It will never drop. I suppose I should re-confirm.

lock in a high cd rate.

ING Direct doesn't even send emails. Log in, look at your history of % drop, drop, drop. I'd be annoyed except it's systemwide.

What makes you think E*TRADE isn't going to follow suit?

Because E*TRADE desperately needs to stay capitalized. They are almost bankrupt, morally and literally. There were a few articles about the company being under funded because of the subprime meltdown, and the coming credit card conflagration sure won't help matters either.

[www.nationalledger.com]